Southern Cross chair Rob Murray's retirement brought forward
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The news: The retirement of Rob Murray as Southern Cross Media Group’s chair and director has been brought forward to today, and the board will not appoint any new directors this financial year.
The context: Murray was set to retire as a director at Southern Cross’ annual general meeting in October this year. His retirement was brought forward after the media company received an improved takeover bid from ARN Media and Anchorage Capital Partners.
The board has appointed Heith Mackay-Cruise to succeed Murray as chair. This arrangement was agreed on in November 2022 when Mackay-Cruise was appointed as chair of the board’s people and culture committee.
However, the board will not appoint any new directors during this financial year or while Southern Cross continues to engage with the consortium regarding the takeover.
It also noted that it would consider whether its reduced size and its mix of skills and experience remained appropriate for its ongoing needs.
Earlier this month, director Glen Boreham’s retirement was brought forward to today. On 13 March, major shareholder of Southern Cross, Spheria Asset Management, called for the immediate resignation of Murray after the company dragged its feet in assessing the takeover offer from ARN Media and Anchorage and ultimately knocked it back.
What they said: “I am hopeful this [Murray’s retirement] will also help avoid the distraction and unnecessary time, cost and resources that would be required by the recent call by one of our shareholders for an extraordinary general meeting,” Murray said.
The source: ASX announcement
